In today’s challenging economic environment, it is more important than ever to keep all of your financial information current. It is also important to ensure that your First Command Financial Advisor is aware of your current financial dreams and goals. There are several features of life insurance policies that should be reviewed regularly to ensure their availability and continued effectiveness. Here are the top ten life insurance questions you should ask your Financial Advisor at your next regular meeting or any time there is a change in your family or financial status.
10. Do I have any rated policies? If so, your Financial Advisor may be able to help you reduce the rate-ups.
9. Do I have any loans on my policies? Remember that even though a loan does not have to be repaid, the loan amount plus the interest will be subtracted from the death benefit (just when it is needed the most).
8. Have I told you about all the changes in my life since the last time we met together? Significant changes in your financial plan might require changes to your coverage. These changes may include a recent relocation, buying or selling a home, changing jobs and children graduating high school and going to college.
7. Do I have a child rider on any policy that might need to be changed? Your Financial Advisor can help you make sure that all of your children are included on the rider. Also, children who have “aged out” may need to take out their own policies.
6. I will be retiring soon. Would paid up policies be appropriate for me?
5. Do I have the correct amount of insurance for my new stage in life?
4. Do I have the correct type of coverage (whole life, term, universal life) for this new stage in life?
3. Do I have the correct beneficiaries listed on all policies?
2. Are all policy premiums up to date and/or is there an allotment or bank draft that needs to be changed?
And the No. 1 question you should ask your Financial Advisor during your next meeting is:
1. Do I need more coverage and how can you help me get it?
Make sure your First Command Financial Advisor has the most current information about your family status so you can get the best possible service.
Phil Bradberry is a Relationship Manager and Registered Principal at First Command Financial Services, Inc.
First Command Financial Services, Inc. is the parent company of First Command Financial Planning, Inc. (Member SIPC, FINRA) and First Command Bank (Member FDIC). Financial planning services and investment products, including securities products are offered by First Command Financial Planning, Inc. Insurance products and services are offered by First Command Financial Services, Inc. Banking products and services are offered by First Command Bank. Securities products are not FDIC insured, have no bank guarantee and may lose value. In certain states, First Command Financial Services, Inc. is a separately registered domestic corporation and does business in California as “First Command Insurance Services.” A financial plan, by itself, cannot assure that retirement or other financial goals will be met.